Los Angeles, December 12, 2022 – North Palisade Partners, a development and investment firm focused on industrial, industrial outdoor storage (IOS), and self-storage properties, acquired a nearly two-acre IOS site at 18931 S. Laurel Park Rd. in Rancho Dominguez, CA for $14.1 million. The infill property was purchased off-market from the Apprentice & Journeymen Training Trust Fund of the Southern California Plumbing & Piping Industry.
Joe Mishurda, Managing Partner of Los Angeles-based North Palisade Partners, said, “The industrial market across Southern California continues to experience high demand and we remain bullish on industrial outdoor storage facilities that can serve a wide range of logistics or distribution operators. The site is perfectly situated in the South Bay submarket. It would be difficult to find a better infill location.”
The IOS facility is located in Southern California’s South Bay submarket, one of the most desirable and dense infill submarkets in the region. It is near the Ports of Los Angeles and Long Beach, and LAX, as well as centrally positioned to serve the region’s enormous consumer base. The site in unincorporated Los Angeles County will be redeveloped to target outdoor storage uses by a 3PL, manufacturer or as an overflow lot for a distribution hub. Construction is scheduled to begin in Q1 2024, with completion in early Q3 2024.
Cushman & Wakefield’s Brandon Gill, Brandon Burns, and Jae Yoo represented the seller in the off-market transaction.
Mishurda adds, “Well-located Industrial Outdoor Storage facilities are increasingly critical to the infrastructure and movement of goods within the logistics and supply chain sector. IOS facilities like this align well with our portfolio-building strategy and are valuable assets to include in a modern industrial platform. The South Bay submarket location and proximity to the Ports of Los Angeles and Long Beach make this a highly desirable logistics asset.”
In 2022, North Palisade has added eleven industrial, IOS, and self-storage development properties to its portfolio with a total capitalization of approximately $280 million. Currently, North Palisade has eleven projects under development, inclusive of five industrial buildings, four IOS projects and two self-storage facilities for a total capitalization exceeding $350 million. Additionally, the company has nearly $500 million of projects under contract in key logistics markets in Northern California, Southern California, and Nevada.